n a great news, FTX exchange will complete distribution plans by December 2024, allowing customers from eligible countries to open accounts via the exchange’s website. The Convenience Class holders will receive the first round of distribution in the form of payments beginning in January 2025 at the latest 60 days from the effective date.
Recovery Details
Furthermore, A US Bankruptcy Judge John Dorsey has even endorssed the approximately $16.5 billion dollars recovery plan which lists customer repayments as the highest priority than regulatory claims. The total recovery value could be between $14.7 billion and $16.5 billion after adjusting for cash conversion, to mitigate for about 9 million customers who suffered losses when the exchange failed in 2022.
Customer Requirements
Moreover, To qualify for initial payouts, customerss must complete several steps: First of all, create official accounts with the distribution agents and go through know-your-customer check and complete the necessary tax documents before the distribution record date. Policies which traders are advised to pay attention to, are that if payment transfers are made within 45 days of the distribution date, then it will impact the routing of payment.
FTX Recovery Plan Brings Hope
Finally, This repayment plan is a major development in efforts to start solving the mess left behind by the FTX’s failure wich affected millions of cryptocurrency investors across the globe and restoring hope for millions of customers and creditors.
